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Business/Financial

L3Harris Swings To Loss In Third Quarter; Lowers Earnings And Sales Outlook

By Cal Biesecker

Friday, October 28th, 2022

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L3Harris Swings To Loss In Third Quarter; Lowers Earnings And Sales Outlook

Christopher "Chris" Kubasik, chairman and CEO of L3Harris Technologies. Photo: L3Harris

L3Harris Technologies [LHX] last Thursday reported a loss in its third quarter largely due to a hefty impairment charge and also due to ongoing macroeconomic factors plaguing the U.S. and global economy. The goodwill impairment charge of $802 million, $4.16 earnings per share (EPS), followed a review of the company’s businesses as part of its annual strategic planning and found two legacy L3Technologies units that are on “the lower end of the portfolio from a growth perspective” as they relate…

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